USD/CHF Technical Analysis: Support Above 0.94 Under Fire
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/CHF Technical Strategy: Flat
- Support:0.9428, 0.9213, 0.8997
- Resistance: 0.9756, 0.9921, 1.0188
The US Dollar fell for a third consecutive day against the Swiss Franc, with prices testing the bottom of their recent range above the 0.94 figure anew. A daily close below the 38.2% Fibonacci retracementat 0.9428exposesthe 50% level at 0.9213. Alternatively, a turn above the14.6% Fibexpansionat 0.9756opens the door for a test of the 23.6% threshold at 0.9921.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com